Waiting for a Break in Prices?

The massive wave of unemployment that came along with the pandemic led many homeowners across the country to enter mortgage forbearance.

While unemployment is slowly but surely declining (and ahead of expectations), it will be a while before we reach the pre-COVID levels. Because of this, foreclosures are expected to rise.

However, experts don’t anticipate this will lead to a foreclosure crisis like we saw in 2008. They also don’t expect it to lead to the major home value depreciation that followed. In the Seattle area, homes have a large amount of equity that owners will benefit from if they have to sell. With the limited amount of inventory we have, and pent-up demand, they will still be selling for top dollar.